Section 1011. Agreement of the state

1. The state of New York does hereby
  pledge to and agree with the holders of  any  obligations  issued  under
  this title, and with those parties who may enter into contracts with the
  authority  pursuant  to  the  provisions in sub-paragraph five or six of
  section one thousand five above, that the state will not limit or  alter
  the  rights  hereby  vested  in  the  authority  until  such obligations
  together with the interest thereon are fully met and  discharged  and/or
  such  contracts  are  fully  performed  on  the  part  of the authority,
  provided that nothing herein contained shall preclude such limitation or
  alteration if and when adequate provision shall be made by law  for  the
  protection  of the holders of such obligations of the authority or those
  entering into such contracts with the authority. The authority as  agent
  for  the  state is authorized to include this pledge and undertaking for
  the state in such obligations or contracts.
    2. Nothing  in  this  title  shall  be  construed  as  diminishing  or
  enlarging  any valid existing rights under any license heretofore issued
  pursuant to the provisions of the federal power act.